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Asia stocks fall amid fears of China lending curbs (AP)
BANGKOK – Asian stock markets were mostly lower Wednesday amid renewed fears of Chinese lending curbs and jitters about U.S. corporate earnings that have provided mixed signals about the strength of economic recovery.
as a sign the flow of easy credit will be further stanched.
earlier this month made a tentative move to slow its lavish bank lending. But they unsettled investors who were already on edge because lackluster earnings from U.S. companies have suggested economic recovery in the world’s largest economy is slow and uneven at best.
Asia’s losses came despite Wall Street’s gains on Tuesday, where the
rose 1.1 percent to a 15-month high. Oil slipped below $79 a barrel and the dollar was stronger against the yen and the euro.
In Tokyo, the
stock average surrendered early gains to fall 27.38 points, or 0.3 percent, at 10,737.52.
slumped 60 percent to 2 yen after filing for one of the country’s largest bankruptcies on Tuesday. JAL shares will be removed from the stock exchange on Feb. 20.
The Shanghai index slid 2.8 percent to 3,156.16 which also knocked
lower. The Hang Seng fell 283.75, or 1.3 percent, to 21,394.23.
Elsewhere, Singapore’s market was off 0.5 percent,
retreated 0.3 percent and
’s stock measure lost 1.2 percent. South Korea’s Kospi bucked the trend, advancing 0.2 percent to 1,714.38 and India’s Sensex was up 0.1 percent at 17,516.84.
In the U.S. on Tuesday, the Dow rose 115.78, or 1.1 percent, to 10,725.43. The broader Standard & Poor’s 500 index rose 14.20, or 1.3 percent, to 1,150.23. The
rose 32.41, or 1.4 percent, to 2,320.40.
Stocks been climbing for 10 months on hopes that an easing recession would boost corporate profits. But lingering problems like high unemployment and a weak housing market in the U.S. have raised questions about whether the rally has been overdone.
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and Wells Fargo & Co.
Results already released from corporate bellwethers have been a mixed bag.
fell in Asia amid expectations of a dismal U.S. crude inventory report.
Benchmark crude for February delivery fell 68 cents to $78.64 in
. The contract rose $1.02 to settle at $79.02 on Tuesday.
In currencies, the dollar rose to 91.17 yen from 91.11 yen. The euro fell to $1.4195 from $1.4291.